China's Sinopec Corp got a major boost in its pursuit of Chevron's South Africa and Botswana assets after South Africa's Competition Tribunal approved, with conditions, the $900 million (652 million pounds) transaction on Friday. State-owned Sinopec was competing for the assets against commodities trader and miner Glencore, which swooped in last October with a $973 million bid following delays to Sinopec's original agreement. The transaction is subject to Sinopec investing 6 billion rand (365 million pounds) over five years to develop a refinery in South Africa's Western Cape, over and above Chevron's current investment plans, the Tribunal said in a statement.

China's Sinopec Corp got a major boost in its pursuit of Chevron's South Africa and Botswana assets after South Africa's Competition Tribunal approved, with conditions, the $900 million transaction on Friday. State-owned Sinopec was competing for the assets against commodities trader and miner Glencore, which swooped in last October with a $973 million bid following delays to Sinopec's original agreement. The transaction is subject to Sinopec investing 6 billion rand ($504 million) over five years to develop a refinery in South Africa's Western Cape, over and above Chevron's current investment plans, the Tribunal said in a statement.

South Africa's Competition Tribunal on Friday approved, subject to conditions, a deal for China's Sinopec Corp to buy Chevron's assets in South Africa and Botswana. State-owned Sinopec was competing for ...

Moody's Investors Service says that Origin Energy Limited's (Origin) reported results for the half year ended 31 December 2017 (H1 2018), although at the upper end of Moody's expectations, fall within ...

BEIJING/LONDON (Reuters) - China's Sinopec Corp inched closer on Thursday to victory over Glencore in their battle for Chevron's (CVX.N) South Africa and Botswana assets, saying the South African government favoured its bid. South Africa's Competition Commission recommended the roughly $900 million transaction with Sinopec be approved with certain conditions, Asia's largest refiner said in a statement. South Africa's government later announced that it had reached an agreement with Sinopec on public interest issues and that the transaction was pending final approval.

BEIJING/LONDON, Jan 11 (Reuters) - China's Sinopec Corp inched closer on Thursday to victory over Glencore in their battle for Chevron's South Africa and Botswana assets, saying the South African government favoured its bid. South Africa's Competition Commission recommended the roughly $900 million transaction with Sinopec be approved with certain conditions, Asia's largest refiner said in a statement.

South Africa will stick with China's Sinopec Corp as the preferred contender to buy Chevron's assets in South Africa and Botswana after it made a fresh commitment to future investments in the country, the Chinese oil major said on Thursday. State-owned Sinopec is competing for the assets with commodities trader and miner Glencore, which swooped in last October with a $973 million bid following delays to Sinopec's original agreement. Asia's largest refiner said in a statement that South Africa's Competition Commission had recommended transaction with Sinopec be approved with certain conditions.